In a hopeful sign of an impending commercial real estate rebound, Portland-based Spears Real Estate, LLC purchased Quad 205 Business Park in Vancouver for $8.3 million in a deal announced Tuesday.
The 108,625 sq.-foot business park, located near Hewlett-Packard's Vancouver campus, includes tenants Johnstone Supply, Thermal Supply and Automotive Electrical Distribution, along with several other firms.
"Quad 205 is in a great location on the 112th Avenue corridor and offers high-quality light industrial space with nice office build-outs," said Garrett Harper, a senior salesperson at NAI Norris, Beggs & Simpson, the Portland-based commercial real estate brokerage representing the buyer in the deal.
For Deborah Ewing, vice president at Vancouver commercial real estate brokerage Eric Fuller and Associates, this week's sale of Quad 205 was an example of a market on the rebound. "My sense is that we have somewhat stabilized," she said. "There is the sense that we've finally hit bottom."
Ewing noted Quad 205's relatively wide range of available spaces as a major selling point to investors. According to Norris, Beggs & Simpson, Quad 205 offers spaces from 1,000 to 10,000 sq. feet – small enough for most startup enterprises and large enough for more established businesses.
Also noteworthy about the deal was the apparent lack of notice that former Quad 205 owner McMorgan & Co. of San Francisco was considering a sale of the property.
"This speaks highly of investment in Vancouver," Ewing said. "It was an opportunity for someone to invest in quality real estate."
